Investing in rental property is a right decision because of the steady income it provides. However, there may come a time when you have to deal with terrible tenants. These occupants will cause headaches and potential loss of revenue. To be a valid property owner, you need to know how to deal with difficult tenants is important. Experts from a residential property management company in Centennial, Colorado cite the following ways to achieve this task:
Change Payment Structure
A tenant may be acting the way they do because they are short on cash. They may no longer afford to pay rent on time. If this is the case, discuss the payment structure with them. You might have to accept partial payments in such cases. Allow the tenant to pay a few days or a week late. You can also prorate the late payment throughout the term of the lease. However, be strict about the schedule and terms, whether you want partial payments once a week or bi-weekly. Use part of the security deposit to reduce some financial strain a tenant experiences.
Change the Arrangement
An alternative to changing the schedule and terms is to improve the living arrangement. The tenant may not have enough funds to pay for the current room they are renting. You may offer to transfer them to a smaller size space or move them in with other people. You’ll have to convince them of this new option. Tell them the advantages of doing so until they fix their cash flow and can pay rent on time again.
Find Common Ground
A tenant may act terribly around you for several reasons. The first thing you need to do as a landlord is to find common ground. Open a line of communication with them; be open about your expectations and what you want from them as an occupant. Set limits and show them you are dictating the terms. Once you have discussed everything, identify a compromise that both sides will agree with. This can come in various forms such as a change of payment schedule, improving services, and others.
Get Them to Side with You
An angry and bad tenant is still a human being. Reach out to them first before making any judgments or handing out punishments. Determine the cause of the problem and air it out with them. Discuss any issues with finances or your management style with them. Provide compromises; go the extra mile to help them. You’ll eventually win them over by being kind.
Evict them as a Last Resort
If compromise, kindness, changing the payment schedule and adjusting the living arrangement do not work, evict the lousy tenant. Start the eviction process and all the legalities that come with it. Hand out documents and notices to the occupant stating that you are no longer accepting them as a tenant. You can also wait out the end of their lease and choose not to renew them. Dealing with a terrible tenant is a headache, but implementing these techniques may help address the problem. Only use eviction as a final option.